Monday, March 02, 2009

White House Health Care Reformer is a PEU

President Obama's point person for health care reform works for a premier private equity underwriter (PEU). Nancy-Ann DeParle is a managing director for CCMP Capital Advisers. CCMP affiliate Legacy Hospital Partners just formed a joint venture in Pocotella, Idaho. Denny Shelton's LHP will hold a majority interest in what was once a nonprofit community hospital.

Welcome to the future of healthcare under the Obama administration. Eighty to ninety percent of community hospitals are under financial distress. Foot dragging on covering the uninsured will send more nonprofit hospitals running for private capital, sacrificing community assets.

Nancy-Ann's for-profit health care ties are long in time and number. Her Board Directorships include:

Cerner Corporation (health care information systems, appointed May 2001)--Nancy is a member of Cerner's board compensation committee. She received $195,051 in board compensation for 2007. Cerner believes in pay for performance, just like Wall Street. It can and will do the same for health care. Nancy controls 27,000 shares of Cerner stock. At $35.25 a share, Ms. DeParle holds $951,750 in Cerner. Isn't healthcare IT a big part of the President's health care reform plan?

Boston Scientific (medical devices, appointed April 2006)--Nancy shares a board seat with health care economist Uwe Reinhardt. They served together on Triad Hospitals board, both making millions from the sale. Nancy serves on the executive compensation committee. They utilize pay for performance and carried interest. Her 2007 board compensation was $160,358. She has 60,020 in beneficially owned stock. At $6.66 a share, she controls roughly $400,000 in Boston Scientific stock.

Davita (dialysis care, appointed May 2001)--Nancy serves on DaVita's board compensation and public policy committees. She holds 38,984 shares of DaVita. At $46.04 per share, that's nearly $1.8 million. Her 2007 director's compensation was $193,913.

Legacy Health Partners (for-profit hospitals, privately held)-- Ex-Triad CEO Denny Shelton started LHP with funding from CCMP, after CCMP's bid for Triad failed.

Triad Hospitals (for-profit hospitals)--Nancy grossed $1.4 million from the sale of Triad to Community Health Systems.

Medco Health Solutions (pharmaceutical distribution and pharmacy benefits management)--Nancy was on the board of Accredo Health, which was acquired by Medco.

Guidant Corp (medical device maker)--Nancy's SEC records show the sale of over 13,000 of Guidant in February of 2004. She exercised options for a quick double, totalling $442,000. Guidant merged with Boston Scientific in 2006. Nancy cashed in 38,000 shares of Guidant in the combination.

Specialty Labs Inc. (laboratory services)--Ms. DeParle served on the Board regulatory committee for the company. For her work she received 38,500 beneficially owned shares. She cashed those out when Welsh, Carson, Anderson and Stowe purchased the firm. WCAS, a fellow PEU, later sold it for a nice profit to Quest Diagnostics.

Ms. DeParle gave $30,800 in the last election cycle. She contributed to Rahm Emanuel, Max Baucus, and Hillary Clinton. A big chunk went through Davita's PAC.

Welcome to U.S. Chamber of Commerce sponsored health care reform. Get ready to pay for your health insurance. How many stressed nonprofit, community hospitals will be forced to sell out? The White House Office for Health Deform is in business.

Update 9-17-13:  Nancy-Ann DeParle returned to her PEU roots after her public/PEU service

No comments: